Hong Kong Police Said Investigating PCCW Buyout Bid

Bloomberg reports that the company’s offices were searched by police earlier this month, along with those of Fortis Insurance Co. (Asia), a local insurer that was once controlled by Li through his Pacific Century Regional Developments (PCRD).

Hong Kong’s Securities and Futures Commission won a court ruling in April, 2009 to block Lis bid after the regulator alleged that hundreds of people, including Fortis Asia agents, were given shares in the phone carrier to boost support for the deal.

Li, the son of Hong Kong’s richest man, Li Ka-shing and a billionaire in his own right with a fortune we estimate at $1.1 billion, has not been implicated in any wrongdoing.

We will cooperate fully with any investigation and wish to see it resolved as soon as practically possible, Martin Rogers, a lawyer for Li, said in a statement issued to press. We do not believe Richard Li is the target of any investigation or that any senior management of PCRD or PCCW has committed any wrongdoing.